Northern Trust has announced the closing of its acquisition of UBS Asset Management’s fund administration units in Luxembourg and Switzerland.
According to the company, the acquisition will position it as a leading administrator by assets in Switzerland and a top 10 asset servicing provider in Luxembourg.
Northern Trust’s president, Europe, Middle East and Africa region, Teresa Parker, said: “ We are pleased to announce the completion of our acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.
“The acquisition is a cornerstone of our strategic expansion plan for continental Europe and represents a significant opportunity to broaden our scale, capabilities, products and market reach across Europe, enabling us to further enhance our services to existing and future clients and strengthening our position as a leader in the region.”
Northern Trust, which opened its office in Luxembourg in 2004, first announced its intention to acquire the UBS fund administration servicing units in February, 2017.